- Binance’s Legal Settlement: Binance settled with the US DOJ for $4.3 billion over money-laundering charges, possibly leading to a fall in digital asset prices, including BNB and CEO Changpeng Zhao’s resignation.
Impact on Bitcoin’s Market: The reduced dominance of Binance is seen by some, like Travis Kling, as potentially positive for Bitcoin, especially for the approval of a spot Bitcoin ETF in the US.
Bitcoin ETF and Price Predictions: Some price predictions speculate that a US spot Bitcoin ETF, like the one BlackRock applied for, could drive Bitcoin’s price to potentially reach $100,000. BlackRock has a successful history of ETF approvals with the SEC.
Could Binance Crisis be Good News for Bitcoin?
The recent saga surrounding the world’s largest cryptocurrency exchange – Binance – has splashed the waters in the industry and could be one reason why numerous digital assets, including BNB, have plunged significantly in the past 24 hours.
Recall that the company settled money-laundering charges with the US Department of Justice (DOJ), agreeing to pay a whopping $4.3 billion. In addition, CEO Changpeng Zhao (CZ) resigned from his post, pleading guilty to failing to implement a solid anti-money laundering (AML) program on the platform. As part of the deal, he will personally pay a $50 million fine.
At first glance, the turbulence surrounding Binance seems like a bearish factor that could play a negative role in the cryptocurrency market. However, some individuals think the recent drama might actually benefit the sector, Bitcoin (BTC) particularly.
One such person is Travis Kling (former equities portfolio manager). In June this year, he argued that BlackRock’s application to launch a spot BTC ETF in America could receive approval only after Binance slips from its current position of market dominance.
“If this ETF is approved, Binance is either gone entirely, or their role in price discovery is massively diminished. If Binance holds on to its current level of influence, no chance this ETF is approved,” he said at the time.
BTC to Reach ATH if the ETF Goes Live?
Numerous analysts and even ChatGPT have previously claimed that introducing a spot BTC ETF in the United States could result in an astronomical Bitcoin price increase. The AI-powered language model estimated that such a potential development could push BTC towards the milestone of $100,000.
It is worth mentioning that BlackRock has an outstanding record with the SEC, seeing 575 out of its 576 ETF applications approved over the years.
Those willing to explore BTC price predictions coming from prominent figures and the possible elements that could contribute to the surge could take a look at the video below:
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